The European Central Bank (ECB, based in Frankfurt, Germany) manages the euro – the EU's single currency – and safeguards price stability in the EU. The ECB is also responsible for framing and implementing the EU’s economic and monetary policy.

The European Central Bank (ECB) is one of the EU institutions. Its main purpose is to:

keep prices stable (keep inflation under control), especially in countries that use the euro.

keep the financial system stable – by making sure financial markets and institutions are properly supervised.

The Bank works with the central banks in all 28 EU countries. Together they form the European System of Central Banks (ESCB).

It also leads the close cooperation between central banks in the euro zone. The cooperation between this smaller, tighter group of banks is referred to as the ‘Eurosystem’.